68. Sales Incentives and Promotions

The importance of free stuff for customers cannot be disregarded and hence, it forms a core part of the business strategies these days. No matter what type of business you have, you can always throw in some sales incentives for customers which will also help in promoting your brand in the longer run.

In your business plan, mention a complete list of free stuff that you plan to offer. A very good strategy while distributing sales incentives is to ensure that the product being sold and the product being given free adds value to the customer. For e.g. If you are selling washing machine, then free detergent is a good choice and certainly better than something like recipe book. Hence, make sure that your free products stick well with the main product.

If you are into products of direct consumption like Burgers etc, then it is not a bad idea to include a strategy of offering some burgers free each day for some specific time. This allows you to publicize your stuff much better and gives the customers a good reason to try your stuff out in the first place. Hence, include details on how you plan to utilize this asset for your company.

In the end, outline the benefits of these ventures for your business in your plan and logically explain as to how these strategies will help the business in the longer run.